PTP Accounts Production v23.1.5.20 SC141540 Board of Directors 1.1.23 31.12.23 31.12.23 0 0 true false true false false true false Fair value model 2366 2064 991 2366 2064 3357 2366 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1415402022-12-31SC1415402023-12-31SC1415402023-01-012023-12-31SC1415402021-12-31SC1415402022-01-012022-12-31SC1415402022-12-31SC141540ns15:Scotland2023-01-012023-12-31SC141540ns14:PoundSterling2023-01-012023-12-31SC141540ns10:Director12023-01-012023-12-31SC141540ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC141540ns10:SmallEntities2023-01-012023-12-31SC141540ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC141540ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC141540ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC141540ns10:FullAccounts2023-01-012023-12-31SC14154042ns10:Director22022-12-31SC14154042ns10:Director22021-12-31SC14154042ns10:Director22023-01-012023-12-31SC14154042ns10:Director22022-01-012022-12-31SC14154042ns10:Director22023-12-31SC14154042ns10:Director22022-12-31SC141540ns10:Director22023-01-012023-12-31SC141540ns10:CompanySecretary12023-01-012023-12-31SC141540ns10:RegisteredOffice2023-01-012023-12-31SC141540ns5:CurrentFinancialInstruments2023-12-31SC141540ns5:CurrentFinancialInstruments2022-12-31SC141540ns5:ShareCapital2023-12-31SC141540ns5:ShareCapital2022-12-31SC141540ns5:RevaluationReserve2023-12-31SC141540ns5:RevaluationReserve2022-12-31SC141540ns5:RetainedEarningsAccumulatedLosses2023-12-31SC141540ns5:RetainedEarningsAccumulatedLosses2022-12-31SC141540ns5:FurnitureFittings2023-01-012023-12-31SC141540ns5:FurnitureFittings2022-12-31SC141540ns5:FurnitureFittings2023-12-31SC141540ns5:FurnitureFittings2022-12-31SC141540ns5:RevaluationReserve2022-12-31SC1415401ns10:Director12022-12-31SC1415401ns10:Director12021-12-31SC1415401ns10:Director12023-01-012023-12-31SC1415401ns10:Director12022-01-012022-12-31SC1415401ns10:Director12023-12-31SC1415401ns10:Director12022-12-31
REGISTERED NUMBER: SC141540 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FAIRFIELD PROPERTIES LIMITED

FAIRFIELD PROPERTIES LIMITED (REGISTERED NUMBER: SC141540)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FAIRFIELD PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Henry T Mitchell
J Margaret Mitchell



SECRETARY: Henry T Mitchell



REGISTERED OFFICE: Huntly Lodge
Fairfield Place
Bothwell
G71 8RP



REGISTERED NUMBER: SC141540 (Scotland)



SOLICITORS: Mellicks
Solicitors and Notaries
160 Hope Street
Glasgow
G2 2TL

FAIRFIELD PROPERTIES LIMITED (REGISTERED NUMBER: SC141540)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1 1
Investment property 5 1,095,150 1,095,150
1,095,151 1,095,151

CURRENT ASSETS
Debtors 6 - 7,920
Investments 7 112,500 -
Cash at bank 193,747 279,985
306,247 287,905
CREDITORS
Amounts falling due within one year 8 32,192 30,423
NET CURRENT ASSETS 274,055 257,482
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,369,206

1,352,633

PROVISIONS FOR LIABILITIES 20,037 20,037
NET ASSETS 1,349,169 1,332,596

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 455,100 455,100
Retained earnings 893,969 877,396
SHAREHOLDERS' FUNDS 1,349,169 1,332,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FAIRFIELD PROPERTIES LIMITED (REGISTERED NUMBER: SC141540)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





Henry T Mitchell - Director


FAIRFIELD PROPERTIES LIMITED (REGISTERED NUMBER: SC141540)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Fairfield Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the rendering of services and is derived solely from the company's principal activity which is property rental.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the income statement.

Investment property
Investment properties are valued at fair value at the statement of financial position date. Any changes in fair value are recognised in the income statement. Deferred taxation is provided on these changes at the rate expected to apply when the properties are sold.

FAIRFIELD PROPERTIES LIMITED (REGISTERED NUMBER: SC141540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

FAIRFIELD PROPERTIES LIMITED (REGISTERED NUMBER: SC141540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 17,725
DEPRECIATION
At 1 January 2023
and 31 December 2023 17,724
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,095,150
NET BOOK VALUE
At 31 December 2023 1,095,150
At 31 December 2022 1,095,150

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors - 7,920

7. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Investments 112,500 -

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Corporation tax 10,843 9,471
VAT 864 1,258
Directors' current accounts 3,357 2,366
Deposits in advance 10,500 10,500
Accrued expenses 6,628 6,828
32,192 30,423

FAIRFIELD PROPERTIES LIMITED (REGISTERED NUMBER: SC141540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 455,100

10. RELATED PARTY DISCLOSURES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Henry T Mitchell and J Margaret Mitchell
Balance outstanding at start of year (2,366 ) (2,064 )
Amounts advanced (991 ) (2,366 )
Amounts repaid - 2,064
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,357 ) (2,366 )

The loan (from)/to the directors is interest free and there is no fixed term for repayment.